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<br />i\i!TFlECONGILl.lttlON:AND.'fINAWVALUE:ESII.!I.1ATE'
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<br />
<br />Sales comparlson Approach .........................."................,.......................................................................................................................... $--
<br />....... _b; ~'. "
<br />Cost Approach ................,............................................".............................................................,..............."'........................................................ $IUmmllltlffiH
<br />Income Approach ..............................................-............................................,...........................................................,................................... $ MiOOl:U\Bllil
<br />Analysis of Each Approach & Conclusion of Value: Th. sales comparison approach
<br />relied upon few comparable sales, each of which occurred some time in the past,
<br />(from. 5 to 15 years ago) . Time adjustment and other adjustments were difficult
<br />to substantiate .. market data is scarce and buyer-seller memories are not
<br />distinct. Th. Cost Approach provides good support for depreciated value of
<br />improvements but fails to adequately support the value for the special uee
<br />characteristics of the subject property which ha. value because of it's
<br />uniqueness-having adequate water quantity and quality, location, etc. Although
<br />the water supply and quality can b. valued, the value to a specific buyer for
<br />fish culture purpose is questionable unless it can be supported by sufficient
<br />comparable sales properties similar in nature and water supply, which are
<br />
<br />
<br />Ccill;~9'iiQij~il
<br />.."',.::,.::~'t~::'i:.:::H"tr.>Yh=t<:%:::;i:
<br />
<br />Personal' inspection of subject, inspection of sales, Marshall & Swift and Boeckh
<br />
<br />construction cost guides, visits with DOW-Mel Rose and other DOW
<br />
<br />employees, Mesa ~ngineering, Bolinger & Queen, Western Gravel, Regional Water
<br />
<br />Resources office, county soils book, aerial photograph and photos.
<br />
<br />
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<br />..'~'ASILlPi;iANDREauiREMENTS!
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<br />
<br />This property is acceptable security subject to theSe requirements:
<br />(1) Provided all irrigation, fish culture and domestic water rights are offered
<br />and are assigned as primary collateral. (2) Provided water verification form '#2626 is
<br />completed and furnished.
<br />Collateral factors affecting loan ter,m: Value in depreciable improvements is
<br />32% of the appraised value. Average remaining economic life of the improvements
<br />
<br />is 31 years.
<br />
<br />Estimated Property Marketing Time: Market Trends;
<br />
<br />Six months to one year.
<br />
<br />-..'."''''''.'.',
<br />~ .' '"
<br />
<br />Remarks and Narrative CommentSJ The subject property with numerous ponds,
<br />adequate and quality water supply is best suited for it's present highest and
<br />best us. as . trout farm-hatchery. The close proximity to Montrose, only two
<br />miles from town, yet somewhat isolated in a foothill drainage enhances the
<br />property value. This property is well maintained as are the improvements and
<br />reflects considerAhl.e pride of ownership. Due to the lack of availablo
<br />supporting data, this report is limited, and although the estimated market value
<br />is deemed reliable, the range of market value could be extensive.
<br />
<br />000026
<br />
<br />Pall." of .,
<br />
<br />FOfm1801R07-111
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